IPO Watch
The late-stage private companies most likely to approach a public-market listing — ranked by valuation. For employees holding equity, the timeline is uncertain, but these are the companies the market is watching.
How this list is built
Every company here is (a) private, (b) at Series D or later, and (c) has a publicly reported valuation. We rank by valuation as the simplest readiness proxy — bigger, later-stage companies face the most scrutiny about going public. IPO timing ultimately depends on market conditions, financials, and board decisions none of which are public, so treat this as a watch list, not a prediction.
Each company page has a dedicated "IPO & exit outlook" section with its latest round, years private, and the paths to liquidity employees have in the meantime.
| # | Company | Valuation | Latest round | Founded | Years private | HQ |
|---|---|---|---|---|---|---|
| 1 | OpenAI | $852B | Series E | 2015 | 11 | San Francisco, CA |
| 2 | SpaceX | $800B | Series N | 2002 | 24 | Hawthorne, CA |
| 3 | ByteDance | $480B | Series E | 2012 | 14 | Beijing, China |
| 4 | Anthropic | $380B | Series E | 2021 | 5 | San Francisco, CA |
| 5 | Stripe | $159B | Series I | 2010 | 16 | San Francisco, CA |
| 6 | Databricks | $134B | Series I | 2013 | 13 | San Francisco, CA |
| 7 | Revolut | $75B | Series E | 2015 | 11 | London, United Kingdom |
| 8 | SHEIN | $66B | Series F | 2008 | 18 | Singapore, Singapore |
| 9 | Canva | $42B | Series F | 2012 | 14 | Sydney, Australia |
| 10 | Checkout.com | $40B | Series D | 2012 | 14 | London, United Kingdom |
| 11 | Figure | $39B | Series D | 2018 | 8 | Reno, NV |
| 12 | Ramp | $32B | Series D | 2019 | 7 | New York, NY |
| 13 | Wiz | $32B | Series E | 2020 | 6 | New York, NY |
| 14 | Anduril | $31B | Series F | 2017 | 9 | Costa Mesa, CA |
| 15 | Fanatics | $31B | Series G | 1995 | 31 | Jacksonville, FL |
| 16 | VAST Data | $30B | Series E | 2016 | 10 | New York, NY |
| 17 | Scale AI | $29B | Series F | 2016 | 10 | San Francisco, CA |
| 18 | Cerebras Systems | $23B | Series F | 2016 | 10 | Sunnyvale, CA |
| 19 | Epic Games | $23B | Series F | 1991 | 35 | Cary, NC |
| 20 | Circle | $21.89B | Series F | 2013 | 13 | Boston, MA |
| 21 | Deel | $17B | Series D | 2019 | 7 | San Francisco, CA |
| 22 | Rippling | $17B | Series F | 2016 | 10 | San Francisco, CA |
| 23 | Xiaohongshu | $17B | Series E | 2013 | 13 | Shanghai, China |
| 24 | Discord | $15B | Series I | 2015 | 11 | San Francisco, CA |
| 25 | Applied Intuition | $15B | Series E | 2017 | 9 | Mountain View, CA |
| 26 | Shield AI | $13B | Series F | 2018 | 8 | San Diego, CA |
| 27 | Grammarly | $13B | Series F | 2009 | 17 | San Francisco, CA |
| 28 | Brex | $12.3B | Series D | 2017 | 9 | San Francisco, CA |
| 29 | Whatnot | $12B | Series E | 2019 | 7 | Los Angeles, CA |
| 30 | Airtable | $12B | Series F | 2012 | 14 | San Francisco, CA |
| 31 | Figma | $11.17B | Series E | 2012 | 14 | San Francisco, CA |
| 32 | Oura | $11B | Series D | 2013 | 13 | Oulu, Finland |
| 33 | Harvey | $11B | Series D | 2022 | 4 | San Francisco, CA |
| 34 | WHOOP | $10B | Series F | 2012 | 14 | Boston, MA |
| 35 | Neuralink | $10B | Series D | 2016 | 10 | Fremont, CA |
| 36 | Devoted Health | $10B | Series D | 2017 | 9 | Waltham, MA |
| 37 | Talkdesk | $10B | Series D | 2011 | 15 | San Francisco, CA |
| 38 | Vercel | $9B | Series E | 2015 | 11 | San Francisco, CA |
| 39 | Cyera | $9B | Series D | 2021 | 5 | New York, NY |
| 40 | Tanium | $9B | Series G | 2007 | 19 | Kirkland, WA |
| 41 | Gopuff | $9B | Series H | 2013 | 13 | Philadelphia, PA |
| 42 | Niantic | $9B | Series D | 2010 | 16 | San Francisco, CA |
| 43 | Zipline | $8B | Series F | 2014 | 12 | South San Francisco, CA |
| 44 | Plaid | $8B | Series D | 2013 | 13 | San Francisco, CA |
| 45 | iCapital Network | $8B | Series D | 2013 | 13 | New York, NY |
| 46 | Flexport | $8B | Series E | 2013 | 13 | San Francisco, CA |
| 47 | Bolt Financial | $8B | Series E | 2014 | 12 | San Francisco, CA |
| 48 | Fireblocks | $8B | Series E | 2018 | 8 | New York, NY |
| 49 | Flock Safety | $8B | Series E | 2017 | 9 | Atlanta, GA |
| 50 | Airwallex | $8B | Series E | 2015 | 11 | Melbourne, Australia |
| 51 | Bolt | $8B | Series F | 2013 | 13 | Tallinn, Estonia |
| 52 | Dapper Labs | $8B | Series H | 2018 | 8 | Vancouver, Canada |
| 53 | FalconX | $8B | Series D | 2018 | 8 | San Mateo, CA |
| 54 | Netskope | $7.5B | Series H | 2012 | 14 | Santa Clara, CA |
| 55 | Caris Life Sciences | $7.5B | Series E | 2008 | 18 | Irving, TX |
| 56 | Chime | $7.39B | Series H | 2012 | 14 | San Francisco, CA |
| 57 | Groq | $7B | Series D | 2016 | 10 | Mountain View, CA |
| 58 | PsiQuantum | $7B | Series D | 2016 | 10 | Palo Alto, CA |
| 59 | Cohere | $7B | Series D | 2019 | 7 | Toronto, Canada |
| 60 | Consensys Software | $7B | Series D | 2014 | 12 | Brooklyn, NY |
| 61 | Glean | $7B | Series E | 2019 | 7 | Palo Alto, CA |
| 62 | Cohesity | $7B | Series F | 2013 | 13 | San Jose, CA |
| 63 | Upgrade | $7B | Series D | 2016 | 10 | San Francisco, CA |
| 64 | Blockchain.com | $7B | Series E | 2011 | 15 | Miami, FL |
| 65 | Ro Health | $7B | Series D | 2017 | 9 | New York, NY |
| 66 | Snyk | $7B | Series G | 2015 | 11 | Boston, MA |
| 67 | Impossible Foods | $7B | Series H | 2011 | 15 | Redwood City, CA |
| 68 | Razorpay | $7B | Series F | 2014 | 12 | Bangalore, India |
| 69 | Attentive | $7B | Series E | 2016 | 10 | New York, NY |
| 70 | Consensys | $7B | Series D | 2014 | 12 | Brooklyn, NY |
| 71 | Carta | $7B | Series H | 2012 | 14 | San Francisco, CA |
| 72 | Gong | $7B | Series E | 2015 | 11 | San Francisco, CA |
| 73 | Toss | $7B | Series G | 2013 | 13 | Seoul, South Korea |
| 74 | Zepto | $7B | Series F | 2021 | 5 | Mumbai, India |
| 75 | SumUp | $7B | Series F | 2012 | 14 | London, United Kingdom |
What employees should know
Being "IPO-ready" doesn't mean an IPO is imminent. Many companies on this list may remain private for years — raising more late-stage rounds, running tender offers, or pursuing acquisition instead. If you hold equity at one of these companies, the practical questions are: